Thermoelectric Modules Market worth $872 million by 2026

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Thermoelectric Modules Market worth 872 million
by 2026

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Introduction

• According to MarketsandMarkets, the
  thermoelectric modules market is projected to
  grow from USD 593 million in 2021 to USD 872
  million by 2026 it is expected to grow at a
  Compound Annual Growth Rate (CAGR) of 8.0 from
  2021 to 2026. Various types of thermoelectric
  modules based are being deployed worldwide, from
  bulk thermoelectric modules to thin film
  thermoelectric modules. Micro thermoelectric
  modules are being widely deployed in
  telecommunications equipment due to size
  constraints. The objective of the report is to
  define, describe, and forecast the thermoelectric
  modules market based on model, type,
  functionality, end-use application, offering, and
  region.
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• APAC has emerged as a global focal point for
  large investments and business expansion
  opportunities. The region represents the
  fastest-growing market worldwide for
  thermoelectric modules. The increased demand for
  waste heat recovery, consumer goods, industrial
  automation, and healthcare monitoring devices is
  expected to drive this market in the region. APAC
  has a large consumer electronics industry
  consisting of countries such as China, Japan, and
  South Korea, which is the largest manufacturer
  and end user of consumer devices.

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Key players

• Major vendors in the thermoelectric modules
  market include Ferrotec (US), II-VI Incorporated
  (US), KELK (Japan), Laird Thermal Systems (US),
  Guangdong Fuxin Technology (China), TE Technology
  (US), Phononic (US), INHECO Industrial Heating
  Cooling (Germany), TEC Microsystems (Germany),
  Crystal (Russia), Kryotherm (Russia), Z-Max
  (Japan), Kyocera Corporation (Japan), Align
  Sourcing (US), HiTECH Technologies (US), Hi-Z
  Technology (US), Merit Technology Group (China),
  KJLP ELECTRONICS (China), PN Technology (China),
  Thermonamic Electronics (China), Hui Mao (China),
  Wellen Technology (China), and Xiamen HIcool
  Electronics (China).

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Summary

• The report "Thermoelectric Modules Market with
  COVID-19 Impact Analysis, By Model (Single Stage,
  Multi Stage), Type (Bulk, Micro, Thin Film),
  Functionality (General Purpose, Deep Cooling),
  End-Use Application, and Region - Global Forecast
  to 2026", is projected to grow from USD 593
  million in 2021 to USD 872 million by 2026 it is
  expected to grow at a CAGR of 8.0 during the
  forecast period. Owing to COVID-19, the
  thermoelectric modules market is estimated to
  face headwinds for 20202021. The growth of the
  thermoelectric modules market is driven by
  factors such as increasing demand for electric
  and luxury vehicles and the growing deployment of
  5G connectivity. The new high-speed 5G
  telecommunication standard presents thermal
  challenges for critical components such as
  optical transceivers. Optical transceivers
  contain a laser diode that needs to be kept below
  70C to ensure no loss of data transmission
  wherein TEMs need to be deployed. Hence, with the
  increasing deployment of 5G equipment, there will
  be an increasing demand for TEMs in
  telecommunications. TEMs are expected to be used
  in future electric vehicles. TEMs are used in
  electric vehicles to stabilize the temperature of
  a cars battery-operated system, especially for
  colder climates where battery efficiency can be
  reduced by up to 40.

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Opportunity Thermoelectric coolers for storage
and transport of COVID-19 vaccines

• With the advent of COVID-19 and the consequent
  shipment and rollout of vaccines, TEMs are
  expected to be increasingly deployed for portable
  vaccine coolers. Improper handling and failure to
  maintain vaccines in a safe temperature range
  result in significant losses of vaccines in
  developing countries and are expected to reduce
  the success of immunization programs. One of the
  most important barriers to effective vaccination
  programs in remote areas is the spoilage of
  vaccines due to improper storage temperatures.
  Active thermoelectric cooling can be a
  potentially viable alternative because the
  coolers are small and require few or no moving
  parts. With many of the COVID-19 vaccines
  requiring sub-zero or freezing temperatures, TEMs
  with large temperature differentials can be very
  effective in controlling the storage temperature
  of vaccines. Thermoelectric coolers offer
  significant advantages compared to the more
  conventional vapor-compression refrigeration
  there are fewer moving parts that may require
  maintenance, no risks of refrigerant leakage, and
  a lighter, more compact size which is now a
  crucial factor in the transportation of large
  quantities of vaccines. A vapor-compression
  refrigeration system is heavy due to the
  compressor and is costly and noisy during
  operations. Thus, the system is not suitable or
  readily portable to remote areas. Alternatively,
  the cold box simply uses an ice pack to cool the
  vaccines and is much less reliable and offers
  cooling over a relatively short duration.

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